The U.S. trade deficit fell 3.8% to $48.7 billion in May, helped by cheaper oil and an increase in American exports to Europe and China. But economists cautioned that decline wasn't enough to alter weak growth forecasts for the quarter.
Crude oil futures have taken a hit lately, delivering an 8.6% slide to speculators over the past five trading days. On Tuesday, June crude settled at a three-month low.
After dropping for most of the month, gas prices are now lower in much of the U.S. than they were a year ago. That hasn't happened in more than two years, and it could be part of a larger decline in gasoline prices that could lift consumer confidence ahead of the summer driving season.
Under pressure to take action on rising gasoline prices, President Barack Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.
The price of oil is climbing on reports that U.S. factories have cranked into a higher gear. Benchmark U.S. crude increased Monday by $1.07 to $104.09 per barrel in New York while Brent crude rose by 68 cents to $123.56 per barrel in London.
Oil prices rose slightly to near $106 a barrel Friday in Asia after the U.S. denied reports it and Britain plan to release some their strategic crude reserves. Benchmark oil for April delivery was up 40 cents to $105.51 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 32 cents to settle at $105.11 per barrel in New York on Thursday. Brent crude for May delivery was up 55 cents at $123.15 per barrel in London.
Gas prices dropped at a pretty good clip in the latter half of 2011 -- down around 20% to about $3.25. Hope you enjoyed it while it lasted, because gas is back on the rise. It's near $3.50 now, and the key trends all signal that it'll keep going higher.
It's now been two weeks since the Costa Concordia accident off the Tuscan coast of Italy. That tragic event aside, cruising is still a remarkably safe vacation choice. What's probably not as safe is investing in Costa's parent Carnival.
If you think you're paying a lot at the gas pump now, just wait until summer hits. Stronger demand could lead to record gas prices as an economic recovery takes hold and turmoil in the Middle East sends the price of oil upward. How high? $5 a gallon isn't out of the realm of the possible.
Like they say: If you can't beat 'em, join 'em. With the price of home heating oil on the rise, and likely to go on rising due to global politics, now might be a good time to place a bet on oil to hedge against the costs of keeping the homestead warm.
Oil prices fell Friday as Greece's debt negotiations sparked new concerns about Europe's financial problems. Greece officials said that they are confident a deal will be reached with private creditors who are being asked help ease the country's debt load. An agreement is necessary for Greece to receive a new round of bailout money to prevent a default on its debt.
Last weekend's Costa Concordia accident, when the Carnival luxury liner tipped over after running aground on a rock off the Tuscan coast, was a thankfully rare tragedy. But even one such event is enough to scare some people away from floating vacations. If you're not one of the skittish, that temporary slowdown in bookings is just one reason this is a great time to schedule a cruise.
Americans have grown used to oil at $100 a barrel and paying more than $3 per gallon for gas at the pump. But don't get too comfy -- the price of filling up is probably going up in 2012.
Oil prices are soaring again, but motorists don't need to worry %u2014 yet. The price of crude has jumped 22 percent since the beginning of October and is nearing $100 a barrel.
This winter's weather is forecast to be milder than last year's, but many Americans will get a cold chill when they open their heating bills. Average household spending for the season will rise for natural gas and propane, and those who use heating oil will see their highest winter bills ever.